The two suspects in this case, however, remain at large.
Police identified the victim as 48-year-old Joseph Canazaro.
The incident unfolded around 10:00 Friday morning on the unit block of Swartley Road in Hilltown Township.
Investigators say three people in the home - Canazaro, along with a woman and a 12-year-old boy - had been tied up.
Canazaro was shot and killed during the incident. Police believe the suspects were targeting him but are unsure why.
The woman and child were able to escape. They went to a neighbor's home and contacted police.
The suspects eventually fled in the victim's 2006 Lincoln pickup truck.
The vehicle was found shortly after 3:30 p.m. in the 1400 block of West Broad Street in Quakertown.
The view from Chopper 6 HD showed it was parked behind a shopping center and parked next to a dumpster. Police are planning to tow to the truck to the Hilltown Twp. police station for investigation.
"If any of the public saw anyone around the truck or saw the truck driving in that vicinity, it would be late morning, we'd appreciate if you'd get in touch with police or county detectives," said," said Chief Chris Engelhart, Hilltown Township Police. Police say the suspects also took bank books and multiple weapons. They are considered to be armed and dangerous.
One of the suspects is described as a Hispanic male standing about 5'9" tall. The other suspect is described as a "smaller" Asian male wearing a black jacket and cargo pants. Police said both suspects were wearing masks.
Officials say they're also in the process of pulling surveillance video from different places in town.